The home, which last sold for $2.18 million in 2022, had approval for the townhouse development lodged and approved before construction stalled and it was listed as a mortgagee-in-possession sale.
The result comes amid rapid price growth across Brisbane’s inner east, with Bulimba house prices climbing 10.4 per cent over the past year to a median of $2.125 million.
It was among 166 auctions scheduled auctions across South East Queensland. By Saturday evening, Domain recorded a preliminary clearance rate of 39 per cent from 119 reported results, with 17 homes withdrawn.
On the other side of the city in Grange, a sprawling family home sold for $4.51 million following a rarely seen “count-back” auction strategy.
Rather than starting low and climbing, bidding began at $4.8 million and worked backwards to draw out serious buyers.
“We counted back in $100,000 increments until we had a bidder engage at $4.3 million,” said selling agent Alistair Macmillan, of Ray White Wilston.
“And then we went back up with a bid at $4.4 million and then to $4.45 million where it paused.
“There were only three bids from two of the five registered bidders … and the ultimate buyers then elected to increase it to $4.51 and it was placed on the market and sold.”
A family with young children walked away with the keys.
The five-bedroom home, at 57 Evelyn Street, sits on an 810-square-metre block and includes a pool, recreation room and wet bar.
“We decided to opt for this tactic because this property was a bit of an unknown and we thought we’d trial something different and eliminate the buyers that weren’t wanting to pay more than $4.4 million,” Macmillan said.
“And it worked. For a home that was not brand new to achieve one of the highest prices in Grange underpins the strength of good-quality homes.”
In Clayfield, an unrenovated home sold for $3.15 million to a family who were so desperate for a house they’d previously resorted to a letter drop in the hopes of finding an off-market opportunity.
The four-bedroom home at 31 Norman Parade sits on a 1042-square-metre block near Eagle Junction State School and last sold in 2009 for $1.225 million.
Selling agent Alex Rutherford, of Place New Farm, said the auction opened at $2.9 million with just two $50,000 increments clocked before the underbidder – a phone bidder – bowed out.
“The result was above expectations. Prior to the auction we had interest in the high $2 millions,” Rutherford said.
She said the home needed significant preparation to get auction ready.
“When we were passed the keys we had to carry out a lot of work including in the gardens, paint work, plumbing – you name it.
“While the vendors didn’t pay a lot of money [to spruce it up], it paid off.”
AMP chief economist Shane Oliver said the weekend’s clearance rate reflected growing caution among buyers.
“There’s a reasonable chance we’ll get another rate rise on Tuesday … and when you combine that with the uncertainty from the war in Iran and the disruption to oil supply, it’s understandable that buyers are holding back,” he said.
Despite that, Oliver said Brisbane’s market remained more resilient than Sydney and Melbourne’s.
“Prices are still going up in Brisbane and that mentality that ‘I better get in now or I’ll miss out’ is such a strong force, so it may be a bit more protected,” he said.
